If you decide that you can no longer pay your house note, the process of foreclosure can be started somewhat quickly.  From the moment you miss your first bank note, the lender is allowed, by law, to seek to recoup assets it might lose.  This is done in several ways.

First, some lenders might choose the judicial foreclosure, in which the lender will prove to a local county court that you, the borrower, are not making payments.  If the lawsuit is in the lender’s favor, the court will sell the property.  This type of foreclosure will only happen if there is no “power of sale” clause in the original loan documents.

Second, some lenders handle the process with the non-judicial method, when the original loan documents included a “power of sale” clause.  This clause allows the lender to recoup the asset (or the property) and sell it to get their money.  The timeline varies, depending on which state the foreclosure takes place, but in many cases, it’s within the span of a few months until home foreclosure forces you and your family to find lodging elsewhere.

This is why it is important to immediately seek the help of an attorney once you decide to no longer send in payments.  An attorney will be well-versed on the timeline of your state, and will be able to direct you into the best options available to you to stall the process, giving you more time to catch up financially.